Workmen compensation and its benefits
Why do many major companies ask for the workmen compensation from the contracting companies.Its understood that when a blue collar employees work on the site of any big construction firm,they turn out to be responsible for any sudden adverse events. In Modern times, blue collar employees provided by the third party supplier and not employed by the Construction firm itself. These is done to reduce the cost of recruitment and maintenance of these blue collar workers. The workmen compensation bears the risk of any injury occurred on site, so be it cut on hand, injury due to moving heavy material on site, tripping and falling in the site and so on will be covered under the workmen compensation. Workmen compensation not only covers your medical expenses but also provides salary when your unfit to work due to injury.
Workmen compensation is the risk that is averted from the third party suppliers and construction firm during the event of any accident.Please note that Workmen compensation cannot be related to medical insurance,these are two separate concepts of insurance. Medical insurance is an insurance which covers you for the illness and not for work related injury. When a person is unfit to work due to some medical conditions,your workmen compensation will not re-reimburse you for medical expenses.Workmen will not be liable to re-reimburse if the nature of business mentioned before the inception of the policy contradicts during the claims. So make sure that all information is disclosed with the utmost good faith or else you may end up with insurance policy being void.